LISC's CEO Maurice A. Jones is quoted in a Wall Street Journal article on the challenges of ensuring PPP loans are accessible to entrepreneurs of color and those in underinvested communities. Data is a key to understanding who's benefiting, says Jones, and LISC's PPP program has targeted underserved borrowers who may not have traditional banking relationships.
A new $100 million loan fund will provide flexible, low-interest capital to small businesses and nonprofits in New York State reeling from the economic impact of the Covid-19 pandemic. LISC will administer the funding, which will be distributed via five community development financial institutions and will go to enterprises, especially women- and minority-owned ones, with 20 or fewer employees that didn't receive lending capital through the SBA's Paycheck Protection Program.
In the second round of federal Paycheck Protection Program loan disbursements, LISC and our SBA lending arm immito are providing intensive technical assistance and underwriting to provide loans to women- and minority-owned and led businesses and nonprofits in underserved communities. The effort is making a heartfelt difference in the lives of hundreds of entrepreneurs and their employees.
The LISC Lending department has been included for the fifth consecutive year as an ImpactAssets 50 2020 Fund, a who’s-who of fund managers dedicated to creating positive social and environmental impact. This year saw a record number of applications. As a leader in community development financing, LISC received the ranking in light of our $475 million outstanding portfolio balance and a delinquency rate under 2%.
Last year, LISC launched its newest subsidiary, the SBA-guaranteed lender immito, to scale our ability to reach and support underserved small businesses and help spur job growth across the country. Julie Huston, immito’s founding president, is a seasoned small business expert—in fact, she recently testified before Congress re: new budget proposals that would hamper small business entrepreneurs’ access to credit. We caught up with Huston at her base in Denver to learn more about immito, the economic and social power of small business, and why all this is so close to Huston’s heart.